All Forum Posts by: Suzie B.

Sounds like you're in a great area to be building. I hope the first one does well for you. Let us know.

I don't know your location, but I can't see anything wrong with investing in an area with several duplexes. If you can compete well with the rental rates and still make the money you want to per door, why not.

I agree with Brandon that duplexes aren't generally a great investment if your goal is to sell in a relatively short time... unless of course you are purchasing, and I assume refurbishing, for way under market value.

I would do my research in the company and find out how long you have to use their management. What have others thought of them? See if you can talk to some current tenants about quality of management, etc.

As far as them not selling to family and friends... most of our family and friends think what we are doing as far as purchasing and managing rentals is interesting, but wouldn't want any part of it themselves... even if we managed the properties for them. Just a different approach to life and investing. I love it, it's too much risk for them.

Do note that there is a lot of research to be done before investing in tax liens. You need to understand the process for the state and county you are interested in, as well as research the properties thoroughly before making any tax lien purchases.

There are more expenses than just the purchase of the lien itself. You will have to pay all taxes that come due, attorney fees, etc. in order to foreclose on a property.

You might make the effort to do some research into the kinds of properties you are wanting to look at and take a day to go and look at them together.

If she has a better idea of what you are considering investing in, and you have a game plan of how it will be managed you will have a better time selling her on it. Sometimes it helps to actually see what is being talked about. Walking properties and making her feel a part of it might make her a little more comfortable.

You might check out a few other property managers in your location. I imagine some fees vary with region.

Hi Richard

There is a lot of difference between doing a flip and buy and hold. We have done both, actually we tend to alternate... Rental, flip, rental, flip. I guess we enjoy both sides of the real estate game.

The buy and holds we consider our long term investments. We can sell a SFH and cash in the equity at any point we need to .. presuming our market is doing well. The duplex we own, we plan to hold as a cash generator.

Flips are fun for us because we enjoy doing a bit of sweat equity, we like projects, and we do most of the work ourselves. We enjoy seeing the outcome of a project, but at the end, we are ready for a break. Our flips tend to need a lot of work... and maybe why we tend to go back and forth. The rentals we buy might need some minor work, but not typically major renovations of any kind.

As far as renting your current home, you might check with your neighborhood... do you have any restrictions against renting out your home? I know many subdivisions that are really nice don't allow it.

Real estate can be a great investment approach if you do your research and know what you're looking for. With a two year timeline, you have some time do some learning and set out a plan.

If you decide on trying to flip a home, do you have any construction/renovation experience or have friends or family, or a contractor that does? Any of that can help. The shows on tv don't give all the details and can make them sound like great $$ makers, often times leaving out details like closing cost fees, capital gains tax, etc.

It sounds like you've got a good investment opportunity if the costs for converting make sense. I'm thinking with the description you gave of the area & rental rate, which sounds great by the way, you will probably do well.

Let us know how it all works out for you!

Reliability and word of mouth goes a long way!

Exactly!!

I was going to say wait for the right tenants. Losing a month's rent is worth the wait often times!